“Performance art” is exactly right. Likewise, it’s not a coincidence that the actual field of contemporary performance art is increasingly resembling the entrepreneurship/startup industry.

It's funny, because people tend to think performance artists are the ones full of shit... I suppose life really does imitate art.

Akin to "security theatre", this is "tech startup theatre".

Stop trying to whitewash this, this is a scam, just because he was the former Kingmaker of the SV startup scene doesn't mean he isn't a scammer and this isn't a scam.

Referring to the company as analogous to security theatre is not a compliment.

https://en.wikipedia.org/wiki/Security_theater

it is a little “word softening” though, we might be better off calling a fig a fig

It's literally not, though. The whole point of "theatre" is to emphasize that it's not real.

If you call something "counterfeit currency", the word "counterfeit" isn't "softening", it's negating.

You are right, but I think it's performance art plus narcissism and greed.